Decision on usage of cryptocurrencies by year end, Bank Negara governor says

Besides China, South Korea has also announced a ban on initial coin offering, the method through which cryptocurrency startups raise funds. — Reuters pic
Besides China, South Korea has also announced a ban on initial coin offering, the method through which cryptocurrency startups raise funds. — Reuters pic

KUALA LUMPUR, Oct 4 — The decision on whether cryptocurrencies should be banned in Malaysia will be taken by Bank Negara Malaysia (BNM) before the end of the year.

“BNM is looking at all aspects when deciding on the policy. The guideline on cryptocurrencies is expected by the end of the year,” BNM Governor, Tan Sri Muhammad Ibrahim said when asked if Malaysia would also ban it all together like China.

Besides China, South Korea has also announced a ban on initial coin offering, the method through which cryptocurrencies startups raise funds. 

The guidelines that BNM is set to announce by the end of the year would reveal the country’s approach towards cryptocurrencies,  he told reporters after launching the 9th International Conference on Financial Crime and Terrorism Financing 2017 here today.

 However, if the decision was to allow the use of it, then the guidelines will address this issue in terms of registering the players, “collecting the data and also to make sure whatever (activity) they do will be (made) transparent.

“Just wait. Now is only October, in less than three months we will give you the details,” he said when pressed further.

Muhammad said the guidelines would also address risks associated with money laundering and terrorism financing in Malaysia. — Bernama

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